COLIBRI SCHOOL EXAM NJ LATEST 2024-2025
ACTUAL EXAM 100 QUESTIONS AND CORRECT
DETAILED ANSWERS WITH RATIONALES
(VERIFIED ANSWERS)
Terms in this set (101)
After borrowers have D. Can ask for additional fees to process the loan
indicated an intent to application
proceed the lender
A. Approves their loan
application
B. Can provide a temporary
approval letter
C. Is prohibited from asking
for any additional
information
D. Can ask for additional
fees to process the loan
application
,The approach that allows D. Sales comparison approach
for up and down
adjustments to different
properties to arrive at a
value fora subject property
is called the
A. Gross net multiplier
approach
B. Income capitalization
approach
C. Cost approach
D. Sales comparison
approach
The approach that uses the B. Cost approach
concept of depreciation is
the
A. Sales comparison
approach
B. Cost approach
C. Income capitalization
approach
D. Reconciliation approach
At what time must the C. 3 days before scheduled closing
lender provide the closing
disclosure to the
buyer/borrowers?
A. Business day before
scheduled closing
B. A week before scheduled
closing
C. 3 days before scheduled
closing
D. Day of closing
,A broker agreed to pay a B. Unilateral contract
bonus to all associates who
sold four homes in a month.
Salesperson sold four
homes last month and
received the bonus. This is
an example of
A. Voidable contract
B. Unilateral contract
C. Bilateral contract
D. Right of first refusal
A broker could advertise A> that a brand new Cadillac is included in the sale price
A. That a brand new
Cadillac sedan is included
in the sale price
B. Free appraisals
C. A contest for the
promotion of one of his
listings
D. Another brokers listing,
provided both brokers are
in the same MLS
, A broker has a house listed B. The contract of the house is voidable
for $100,000. His daughter
sees it and decides she
wants to purchase it. The
broker convinces the seller
to accept an offer of
$80,000 from her but
doesn't reveal to the seller
his relationship to the
purchaser. If the seller
discovers this relationship,
which of the following
statements is then true?
A. The contract for the sale
of house is void
B. The contract for the sale
of the house is voidable
C. The broker is entitle to a
commission because he is
the procuring cause of the
sale
D. The daughter is obligated
to pay the $100,000 listing
price
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